Senate to Hold Hearing On Foreclosures
In the wake of reports by some large lenders about problems in their foreclosure review process, the Senate Banking Committee announced today it will hold a hearing when Congress returns next month.
The panel's decision follows today's announcements by Bank of America that it will temporarily stop foreclosures in all 50 states, following an earlier decision to halt the sale of foreclosed properties. Other lenders, such as PNC Financial and J.P. Morgan Chase had made similar decisions earlier this week.
The lenders are examining their practices following reports that some foreclosure processers approved foreclosure documents without reviewing them.
The Senate Banking Committee's hearing is scheduled for Nov. 16, during Congress' post-election session.
"American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud," Committee Chairman Christopher Dodd (D-Conn.) said in a statement. "I am deeply troubled by recent revelations and allegations of practices by some of the nation's largest lenders.''